Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 52-Week Low – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $11.13 and last traded at $11.18, with a volume of 517017 shares changing hands. The stock had previously closed at $11.79.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Chardan Capital reiterated a “buy” rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Canaccord Genuity Group reissued a “buy” rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Scotiabank assumed coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.27.

Rocket Pharmaceuticals Stock Performance

The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average is $13.61 and its two-hundred day moving average is $17.62. The stock has a market capitalization of $1.00 billion, a P/E ratio of -4.00 and a beta of 1.01.

Insider Activity

In other news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total transaction of $144,737.55. Following the transaction, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. This trade represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 13,490 shares of company stock valued at $176,045. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of RCKT. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Rocket Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after buying an additional 582 shares in the last quarter. Values First Advisors Inc. bought a new stake in Rocket Pharmaceuticals during the third quarter worth approximately $108,000. SG Americas Securities LLC acquired a new stake in Rocket Pharmaceuticals in the third quarter worth approximately $113,000. Dana Investment Advisors Inc. boosted its stake in Rocket Pharmaceuticals by 4.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock valued at $298,000 after purchasing an additional 586 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Rocket Pharmaceuticals during the 3rd quarter valued at $286,000. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.